Situated along the Yarra River just three miles from Melbourne’s central business district is Toorak, an oasis of luxury living.

The Toorak House, a prominent and historical structure in this exclusive enclave, has previously been the residence to high-ranking government officials, a hostel run by the Women’s Auxiliary Australian Air Force during World War II, and now serves as a community center and church for the Church of Sweden. Despite its many evolutions, this stately property set the affluent tone for what remains one of the city’s most desirable suburbs since the early 1900’s.

The district was named for Toorak House, the Italianate Victorian mansion that wealthy merchant James Jackson built in 1849.

Toorak has both man-made and natural borders. The western portion of the suburb is defined by Williams Road, beginning halfway between Hawksburn Village at Malvern Road, until it meets the left bank of the Yarra River. The entire northern boundary is the Yarra River as it runs eastwards, and the suburbs of Richmond, Burnley, and Hawthorn. The eastern boundary is marked by Glenferrie Road, where it intersects with Malvern Road and the suburbs of Prahran and Armdale to create the southern border.

Price range

"The medium price range for homes is in the region of A$6.5 million (US $4.9 million), with the highest sale about A$26 million (US $19.5 million)," said Jock Langley, director of Abercromby's Real Estate in Melbourne.

David Colbran, managing director of Melbourne Sotheby’s International Realty in Toorak offered context for property values. "Toorak is renowned for having larger blocks of land and strict heritage covenants. Moreover, the cachet and prestige factor increases the price in comparison to similar properties in other suburbs. Therefore, the top-end of the market skews the median home price."

If in the market for an apartment, Mr. Colbran noted that larger, new-build apartments and townhomes range from A$2.5 million (US$1.9 million) to A$5 million (US$3.7 million). However, it is possible to enter the market for under A$1 million (US$746,655). Mr. Langley mentioned that a one-bedroom 1950s- to 1970s-era apartment averages about A$550,000 (US$420,000).

"Toorak’s traditional architecture is experiencing a rapid transformation, " said Mr. Colbran, "Stately mansions from the Edwardian and the Victorian era are omnipresent as well as Tudor or Georgian-style homes, but modern homes now populate many formerly traditional pockets."

Mr. Langley explained that following World War II, grand English-inspired homes—Georgian Revival, Arts and Crafts, Tudor Revival—were the preferred styles during the wool boom. "Architects like Harold Desbrowe-Annear, Marcus Martin and Robert Hamilton were very popular during this period."

Of course, housing styles change with the times, "Post-1970s, a redevelopment of a number of these homes made way for a new look to the streetscape. Architects and developers began building contemporary modernist, Neo-Georgian and French Provincial-style houses. So a new era of home design evolved from the post-mining (of iron ore and coal) boom," Mr. Langley said.

"There is a certain level of nostalgia and prestige that sets Toorak apart," Mr. Langley said. "It's an attractive place to live, and that has been preserved by the enforced building regulations." He also pointed out that wide, tree-lined streets, pleasant trails along the river, top-flight schools and easy access to Melbourne's central business district are a draw for Toorak residents.

Luxury amenities

Toorak Village is dotted with boutiques, sidewalk cafes, florists, beauty salons; the Toorak Manor boutique hotel is a converted 19th-century mansion. The village also hosts an annual sculpture exhibit of contemporary work by Australian artists on display for a six-week run from May through June.

"Boutique shopping in Toorak Village, Hawksburn Village and on High Street and Glenferrie Road satisfy the needs and whims of any buyer, " said Mr. Colbran. Pick up impossibly soft knits at Hunter’s Cashmere Collection, designer brands from Europe at Christensen Copenhagen and carefully curated global fashion at Fells boutique.

Locals can be found dining out at the classic French Bistro Thierry; sampling refined, seasonal Australian cuisine at Quaff; and enjoying Italian-influenced cuisine at Topo Gigio and Romeo’s.

There are also several private and boarding school options in the area, including the Anglican Geelong Grammar School (co-ed primary and boarding school); St. Catherine’s all-girls school (early prep to year 12); St. Kevin’s all-boys campus (secondary school); and the Roman Catholic Loreto Mandeville Hall school for girls (early prep to year 12).

The neighborhood has always been home to high-earning professionals and politicians, but it’s also attracting more international buyers.

"Traditionally the neighborhood had rather well-solidified Australian roots. The suburb was a who’s who of industry leaders and magnates. However, those seeking the Australian lifestyle from abroad have changed the suburb demographics," Mr. Colbran said. "Southeast Asians have begun to invest heavily in Toorak for the prestige factor, and to send their kids to the best schools."

Notable residents

High-profile clients choose Toorak because their privacy is respected here, but real estate agents are not quick to name names. But media mogul Rupert Murdoch grew up here (Mr. Murdoch is executive chairman of News Corp., which owns Dow Jones, publisher of Mansion Global.) Others who have lived in the area at one time include author Peter Robb; the Myer family, who established the largest department store in Australia, and actress/singer Olivia Newton-John.

Outlook

"Currently, the Melbourne property market as a whole is experiencing tremendous growth fueled by historically low interest rates, increasing demand for a fixed commodity (land) and a lower supply of quality family homes," Mr. Colbran said.

According to Mr. Colbran, a building boom in Melbourne’s central business district has led to a glut of modern apartments in the area, so the desire for traditional homes and apartments, like those found exclusively in Toorak, is higher.

Mr. Langley concurs that the current market is "rock solid," and Toorak is one of the most secure residential areas. "We have seen quantum leaps in property prices over the last five years. Toorak outperforms all other suburbs by at least 5%," Mr. Langley said. As for his prediction, he said that there are, "no signs of a slowdown in the foreseeable future."

DISCLAIMER: The currency conversion is provided for illustration purposes only. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. We are not responsible for any loss that you may incur as a result of relying on these currency conversions. All property prices are as stated by the listing agent.

For the optimum Mansion Global experience, please turn off any ad blockers and refresh this page.